HONG KONG--(BUSINESS WIRE)--MetLife Hong Kong*, a wholly-owned subsidiary of MetLife, Inc., the No.1 US life insurer^, announced today that its year-to-date brokerage business volume has registered a year-over-year growth of over 500%^^. MetLife Hong Kong credits the surge in its brokerage business to heightened regional demand for its USD denominated life insurance products, strong investment strategies and capabilities, and the very strong to superior financial credit ratings of MetLife, Inc.
This year’s record brokerage revenue comes as MetLife Hong Kong consolidates its solid market position in the traditional retail market and continues to build inroads in the region’s high-net-worth (HNW) and affluent middle consumer segments. Coupled with its sophisticated risk management, MetLife Hong Kong’s robust USD denominated product portfolio is viewed as an attractive wealth management alternative for HNW and affluent middle consumers, given the recent global market instability and China’s yuan volatility.
“We are very pleased to see such impressive results from our brokerage business, a clear testament to the success of our diversified distribution strategy and diverse, customer-centric product portfolio,” said Mr. Lennard Yong, Chief Executive Officer of MetLife Hong Kong. “With the support of our corporate home office in the US, and 20 years of experience in Hong Kong, we are able to tap into a broad array of unmatched investment capabilities thereby providing local and regional customers with innovative wealth management products tailored to meet their evolving needs. We will build on this momentum and strive for continuous improvement of our brokerage offering for our partners and their customers.”
MetLife Hong Kong provides appealing products by leveraging the scale as well as the well-established investment setup and process from its US corporate home office. MetLife, Inc.’s significant investment strength and support bring MetLife Hong Kong a competitive advantage in investment results by broadening access to a range of asset classes and capabilities of USD asset trading, US securities selection and credit research.
Mr. Bobby Ying, Head of Financial Intermediaries - Brokerage & IFA of MetLife Hong Kong, said, “Our considerable leap in revenue this year reflects the market’s recognition of the value of our products and investor preference for wealth management alternatives due to the currently volatile environment. Our focus in the future is to continue our successful push into the local and regional HNW and affluent middle customer segments, while consolidating our overall position in Hong Kong.”
MetLife Hong Kong is growing its high-net-worth customer base through the award-winning USD universal life insurance products, which provide customers with the flexibility to focus on the policy’s cash value growth, and ensure broad protection to fill the gaps in estate and succession planning. The universal life insurance product range enables HNW individuals to enjoy jumbo life insurance protection and a guaranteed interest rate. The products come with a dual guarantee that stands out from the market – a point-to-point 15-year interest guarantee, as well as the conventional minimum crediting interest rate. In particular, MetLife Legacy Universal Life garnered Best-in-Class in the “Whole Life Protection Product” category at the BENCHMARK Wealth Management Awards 2014.
In addition to its universal life insurance policies, MetLife Hong Kong also offers a wide range of protection and savings products that take advantage of MetLife, Inc.’s investment expertise, innovation and market scale to provide secure, cost-efficient and diversified solutions.
MetLife Hong Kong’s brokerage success is based on its strong leadership, sound investments, innovative products and services, and long history of social responsibility. MetLife Hong Kong’s trusted brand, capital strength, and existing relationships with individuals and institutional customers in Hong Kong uniquely positions the insurer as a leading option for a broad range of customers across various sectors.
MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the largest life insurance companies in the world#. Founded in 1868, MetLife is a global provider of life insurance, annuities, employee benefits and asset management. Serving approximately 100 million customers, MetLife has operations in nearly 50 countries and holds leading market positions in the United States, Japan, Latin America, Asia, Europe and the Middle East. For more information, visit www.metlife.com.
*MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited (collectively “MetLife Hong Kong”) are wholly-owned subsidiaries of MetLife, Inc. in Hong Kong and private companies limited by shares incorporated and registered under the applicable laws in Hong Kong. Both MetLife Limited and Metropolitan Life Insurance Company of Hong Kong Limited are authorized insurers carrying long term business in Hong Kong.
^Axco Global Statistics 2014
^^Year-over-year growth as of September 30, 2015
#Based on non-banking assets according to A.M. Best research 2012 data, Best’s Review July 2014